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Sinclair Broadcast's Loss Narrows

TSC Staff

Sinclair Broadcast (SBGI Quote) reported a narrower second-quarter loss and said revenue rose moderately from the same period a year ago.

Net broadcast revenue totaled $174.9 million for the three months ended June 30, an increase of 0.7% from $173.7 million a year ago. Overall revenue rose to $195.8 million from $190.7 million last year.

The television broadcaster had a loss available to common shareholders of $1.9 million, or 2 cents a share, compared with a loss of $4 million, or 5 cents a share last year. Excluding preferred dividend payments, Sinclair earned $670,000 in the 2003 second quarter.

Sinclair said the loss available to common shareholders included a $15.2 million pretax charge from the early extinguishment preferred securities, which wasn't reflected in Wall Street's consensus estimate. Analysts polled by Thomson First Call expected a profit of 2 cents in the quarter.

The company projected that third-quarter net broadcast revenue will decline about 2% to 3% from $162.9 million in the same period a year ago.

Shares of Sinclair closed Nasdaq trading Thursday at $9.81.